Synthetix (SNX) Drops 18% As Crypto Market Cools Down – Details

Christian Encila

1 year ago

3 mins read

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The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to Coingecko, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin, Ethereum, and XRP drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.

Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data shows that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.

Big Things Coming For Synthetix

Although SNX isn’t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto.

Last week, Synthetix announced on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet.

Andromeda Release is the implementation of the Perps V3 which, according to their recent blog post, is focused on enhancing trading efficiency, usability, and resilience on the network. It will also add new features like Native Cross-Margining, Expanded Collateral Options, MEV-Resistant Liquidation Process, and many more.

Synthetix Perps V3 is set to launch with the Andromeda Release on Base, soon to be followed by an Ethereum Mainnet version for medium to whale traders and protocols like @ethena_labs! 👇https://t.co/72QmySbAfb

Check out the TLDR and read the blog post to learn more.
– Perps V3… pic.twitter.com/YbsFjj0Hnt

— Synthetix ⚔️ (@synthetix_io) December 15, 2023

The biggest add-on from the update is the deployment of Core V3 and Perps V3 on the Ethereum mainnet.

“The Core V3 + Perps V3 release on Ethereum Mainnet represents a significant evolution for Synthetix, targeting medium to large traders and protocols in need of perps on L1,” the Synthetix team said in their blog post.

SNX market cap currently at $1 billion. Chart: TradingView.com

More Pain On The Crypto Front?

Disregarding the positive internal news for SNX, the market has other plans for the token. As of writing, the bears are coming out strong, wrestling SNX bulls on the $3.59 price level. If the bears are successful in solidifying their gains, more pain could be in store for traders and investors.

However, the upcoming implementation of Perps V3 might be able to offset this as it focuses on medium to large-scale whales to become active on the platform, thus driving more throughput to the network; but investors and traders shouldn’t disregard the broader market before making a decision.

Right now, the market is entering its cool-down phase with cryptocurrencies reverting to more sustainable price levels. For SNX, that level is around the $3.287 price point. Once the bears hit this level, the bulls will be able to regain some ground, stabilizing the price on this level in preparation for a bigger breakout.

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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